# Black Forest Labs revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/black-forest-labs/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Black Forest Labs was valued at $3.25B after its $300M Series B in December 2025. Sacra estimates it reached $96M in annualized revenue in August 2025. It's a private company and hasn't announced any IPO plan.

Checked Nov 7, 2026

## At a glance

- Valuation: $3.25B post-money at its Series B in December 2025, its latest announced round.
- Revenue: an estimated $96M in annualized revenue in August 2025, according to Sacra. No company-stated figure has been reported.
- Status: private. No stock ticker. No announced IPO plan.
- Founded: 2024, by Robin Rombach, Andreas Blattmann and Patrick Esser, all formerly of Stability AI.
- CEO: [Robin Rombach](https://realalpha.app/builders/robin-rombach/).
- Headquarters: Freiburg, Germany, and San Francisco.
- Investors: Andreessen Horowitz, Salesforce Ventures, AMP, Nvidia and General Catalyst, among others.
- Products: the FLUX image and video models, including Flux.2 and Flux 3, sold through an API and licenses.

## Is Black Forest Labs public? Can you buy its stock?

No. Black Forest Labs is a private company. Its shares don't trade on any stock exchange, and it has no ticker symbol.

Its executives haven't announced a plan or a date to go public, and no IPO filing has been reported. Its US parent, Black Forest Labs Inc., is a Delaware company with its main office in Freiburg. It filed a [Form D](https://www.sec.gov/Archives/edgar/data/2109710/000210971026000002/xslFormDX01/primary_doc.xml) with the SEC in June 2026 for a private sale of shares.

Its shares are held by its founders and venture investors, and the company doesn't publish the size of any stake. In January 2026 a StepStone fund bought common shares at $235.75 each, the same price as the Series B. As [mrkt30](https://mrkt30.com/who-is-robin-rombach/) describes it, this was a secondary sale and the seller isn't named. This page reports facts and gives no investment advice.

## Valuation, round by round

Bloomberg reported talks at a valuation above $1B in November 2024, and the Series B set it at $3.25B in December 2025.

- Dec 2025 · $3.25B · $300M · Salesforce Ventures and Anjney Midha (AMP) · [Black Forest Labs' blog](https://bfl.ai/blog/our-300m-series-b)
- Nov 2024 · $1B+ · In talks · Andreessen Horowitz · [Yahoo Finance (Bloomberg)](https://finance.yahoo.com/news/a16z-talks-lead-200-million-190221768.html)
- Aug 2024 · — · $31M · Andreessen Horowitz · [RTTNews](https://www.rttnews.com/amp/3578104/black-forest-labs-eyes-4-bln-valuation-in-new-fundraising-round.aspx)

TechCrunch reported talks for a $100M round at a $1B valuation in September 2024. A Series A led by Andreessen Horowitz was disclosed later with no size or valuation given.

## Revenue

Black Forest Labs doesn't publish revenue. Sacra estimates it reached $96M in annualized revenue in August 2025.

- Aug 2025 · $96M · Estimate · [Sacra](https://sacra.com/c/black-forest-labs/)

An annualized figure is a month's revenue times twelve. It isn't audited revenue, and this one is Sacra's estimate.

## How Black Forest Labs makes money

Black Forest Labs sells access to its FLUX models. [Sacra](https://sacra.com/c/black-forest-labs/) says its revenue comes from API usage fees and annual commercial licenses for enterprises that run the models themselves.

- **Pay as you go.** The API has no subscriptions or seat fees. Customers pay for what they generate. · [Black Forest Labs](https://bfl.ai/pricing)
- **Video by the second.** FLUX 3 Video costs $0.15 per second at HD for text or image to video. · [Black Forest Labs](https://bfl.ai/pricing)
- **Enterprise and open weights.** It offers custom enterprise pricing and licenses to run FLUX models on a customer's own infrastructure. · [Black Forest Labs](https://bfl.ai/pricing)
- **[Meta](https://realalpha.app/companies/#meta).** In September 2025 it was reported that Meta would pay $140 million over two years to use its image models. · [MRKT3.0](https://mrkt30.com/who-is-robin-rombach/)
- **Partner contracts.** Sacra estimates contract value across partners including Adobe, Canva and Snap at about $300 million. · [Sacra](https://sacra.com/c/black-forest-labs/)

## Products

- **FLUX image models** (August 2024). The company launched with them, per TechCrunch. · [TechCrunch](https://techcrunch.com/2025/12/01/black-forest-labs-raises-300m-at-3-25b-valuation)
- **Flux 1.1 Pro** (2 October 2024). An improved flagship image model. · [Wikipedia](https://en.wikipedia.org/wiki/Black_Forest_Labs)
- **FLUX API** (3 October 2024). Launched in beta. · [TechCrunch](https://techcrunch.com/2024/10/03/black-forest-labs-the-startup-behind-groks-image-generator-releases-an-api/)
- **Flux.1 Tools** (21 November 2024). Editing tools used on top of existing Flux models. · [Wikipedia](https://en.wikipedia.org/wiki/Black_Forest_Labs)
- **Flux.1 Kontext** (29 May 2025). Models for image generation and editing that take both text and images as prompts. · [Wikipedia](https://en.wikipedia.org/wiki/Black_Forest_Labs)
- **Flux.2** (25 November 2025). A model series made up of Pro, Flex, Dev and Klein. · [Wikipedia](https://en.wikipedia.org/wiki/Black_Forest_Labs)
- **Flux 3** (23 July 2026). A multimodal model that makes video with native audio up to 20 seconds long. It can also predict actions for robotics. · [The Decoder](https://the-decoder.com/flux-3-generates-videos-with-native-audio-up-to-20-seconds-long-a-first-for-black-forest-labs/)
- **Flux-mimic.** A video-action model built with Mimic Robotics. The Decoder says it is being tested on production tasks at Audi. · [The Decoder](https://the-decoder.com/flux-3-generates-videos-with-native-audio-up-to-20-seconds-long-a-first-for-black-forest-labs/)

## Customers

In its [Series B post](https://bfl.ai/blog/our-300m-series-b) in December 2025, the company said millions of users were making images with FLUX models. It hasn't given a more precise count.

The same post said partners from Adobe and Canva to Meta and Microsoft build on its models. [TechCrunch](https://techcrunch.com/2025/12/01/black-forest-labs-raises-300m-at-3-25b-valuation) named Adobe, fal.ai, Picsart, ElevenLabs, VSCO and Vercel as companies using them.

## Leadership

The company had about 100 staff in Freiburg and San Francisco by July 2026, [mrkt30](https://mrkt30.com/who-is-robin-rombach/) reports. Wikipedia gives 70 employees as of 2026.

- **[Robin Rombach](https://realalpha.app/builders/robin-rombach/),** co-founder and CEO. He signed the company's June 2026 Form D as chief executive. · [SEC EDGAR (Form D)](https://www.sec.gov/Archives/edgar/data/2109710/000210971026000002/xslFormDX01/primary_doc.xml)
- **Andreas Blattmann,** co-founder. · [TechCrunch](https://techcrunch.com/2025/12/01/black-forest-labs-raises-300m-at-3-25b-valuation)
- **Patrick Esser,** co-founder. All three founders helped create Stable Diffusion at Stability AI. · [TechCrunch](https://techcrunch.com/2025/12/01/black-forest-labs-raises-300m-at-3-25b-valuation)
- **Martin Scorsese,** the film director, joined as an adviser in June 2026. He has shown Flux in use for storyboarding. · [Sacra](https://sacra.com/c/black-forest-labs/)

## Who owns Black Forest Labs?

Its founders and venture investors. The company doesn't publish the size of any stake, and [mrkt30](https://mrkt30.com/who-is-robin-rombach/) names no parent company or acquirer.

Sacra estimates that total funds raised exceed $450M.

- **Andreessen Horowitz** led the $31M seed round in August 2024. · [RTTNews](https://www.rttnews.com/amp/3578104/black-forest-labs-eyes-4-bln-valuation-in-new-fundraising-round.aspx)
- **Salesforce Ventures and Anjney Midha (AMP)** co-led the $300M Series B in December 2025. · [Black Forest Labs' blog](https://bfl.ai/blog/our-300m-series-b)
- **[Nvidia](https://realalpha.app/companies/#nvidia), General Catalyst, Temasek and others** joined the Series B, along with Bain Capital Ventures, Canva and Figma Ventures. · [TechCrunch](https://techcrunch.com/2025/12/01/black-forest-labs-raises-300m-at-3-25b-valuation)
- **StepStone** bought common shares in a secondary sale in January 2026 at $235.75 each. · [MRKT3.0](https://mrkt30.com/who-is-robin-rombach/)
- **Seed angels** included Garry Tan, Brendan Iribe, Michael Ovitz and Nvidia's Timo Aila, with General Catalyst and Mätch.vc. · [Sacra](https://sacra.com/c/black-forest-labs/)

## Competitors

At the Flux 3 launch in July 2026, the company reported early video tests against rival models. These are its own results, as reported by [The Decoder](https://the-decoder.com/flux-3-generates-videos-with-native-audio-up-to-20-seconds-long-a-first-for-black-forest-labs/).

- **[Luma AI](https://realalpha.app/companies/luma-ai/),** with Ray 3.2. Flux 3 was preferred in 93 percent of comparisons, BFL said. · [The Decoder](https://the-decoder.com/flux-3-generates-videos-with-native-audio-up-to-20-seconds-long-a-first-for-black-forest-labs/)
- **[Runway](https://realalpha.app/companies/runway/),** with Gen-4.5. Flux 3 was preferred in 77 percent. · [The Decoder](https://the-decoder.com/flux-3-generates-videos-with-native-audio-up-to-20-seconds-long-a-first-for-black-forest-labs/)
- **[xAI](https://realalpha.app/companies/xai/),** with Grok Imagine Video. Flux 3 was preferred in 69 percent. · [The Decoder](https://the-decoder.com/flux-3-generates-videos-with-native-audio-up-to-20-seconds-long-a-first-for-black-forest-labs/)

## Timeline and latest news

- Oct 20, 2026 · Poseidon Wave Media sued over music files allegedly used to train FLUX models. · [Chat GPT Is Eating the World](https://chatgptiseatingtheworld.com/2026/10/20/poseidon-wave-media-sues-german-ai-co-black-forest-labs-for-alleged-copyright-infringement-of-music-files/)
- Jul 23, 2026 · Released Flux 3, which makes video with native audio up to 20 seconds long. · [The Decoder](https://the-decoder.com/flux-3-generates-videos-with-native-audio-up-to-20-seconds-long-a-first-for-black-forest-labs/)
- Jun 2026 · Martin Scorsese joined as an adviser. · [Sacra](https://sacra.com/c/black-forest-labs/)
- Jan 2026 · A StepStone fund bought common shares at $235.75 each in a secondary sale. · [MRKT3.0](https://mrkt30.com/who-is-robin-rombach/)
- Dec 1, 2025 · Announced a $300M Series B at a $3.25B valuation. · [Black Forest Labs' blog](https://bfl.ai/blog/our-300m-series-b)
- Nov 25, 2025 · Announced the Flux.2 model series. · [Wikipedia](https://en.wikipedia.org/wiki/Black_Forest_Labs)
- Sep 2025 · Meta was reported to pay $140 million over two years to use its image models. · [MRKT3.0](https://mrkt30.com/who-is-robin-rombach/)
- May 29, 2025 · Announced Flux.1 Kontext for image generation and editing. · [Wikipedia](https://en.wikipedia.org/wiki/Black_Forest_Labs)
- Nov 26, 2024 · Bloomberg reported talks to raise up to $200M at a valuation above $1B. · [Yahoo Finance (Bloomberg)](https://finance.yahoo.com/news/a16z-talks-lead-200-million-190221768.html)
- Oct 3, 2024 · Launched the FLUX API in beta. · [TechCrunch](https://techcrunch.com/2024/10/03/black-forest-labs-the-startup-behind-groks-image-generator-releases-an-api/)
- Aug 2024 · Raised a $31M seed round led by Andreessen Horowitz. · [RTTNews](https://www.rttnews.com/amp/3578104/black-forest-labs-eyes-4-bln-valuation-in-new-fundraising-round.aspx)
- Aug 2024 · Launched with its FLUX image models. · [TechCrunch](https://techcrunch.com/2025/12/01/black-forest-labs-raises-300m-at-3-25b-valuation)

## Legal matters

One copyright suit has been reported against the company. No ruling had been reported as of its filing.

- **Poseidon Wave Media** (filed 20 October 2026, Eastern District of New York). It alleges its music files were infringed in training FLUX models. · [Chat GPT Is Eating the World](https://chatgptiseatingtheworld.com/2026/10/20/poseidon-wave-media-sues-german-ai-co-black-forest-labs-for-alleged-copyright-infringement-of-music-files/)

## Questions people ask

### Is Black Forest Labs a public company? Can I buy Black Forest Labs stock?

No. Black Forest Labs is private and has no ticker, so its shares don't trade on any exchange.

### When will Black Forest Labs IPO?

It hasn't announced a plan or a date, and no IPO filing has been reported.

### Who owns Black Forest Labs?

Its founders and venture investors, including Andreessen Horowitz, Salesforce Ventures, AMP, Nvidia and General Catalyst. Stakes haven't been disclosed.

### Who is the CEO of Black Forest Labs?

[Robin Rombach](https://realalpha.app/builders/robin-rombach/), a co-founder. He signed its June 2026 SEC filing as chief executive.

### Who founded Black Forest Labs?

Robin Rombach, Andreas Blattmann and Patrick Esser, in 2024. All three worked on Stable Diffusion at Stability AI.

### How much is Black Forest Labs worth?

$3.25B post-money at its $300M Series B, announced in [December 2025](https://bfl.ai/blog/our-300m-series-b).

### How much revenue does Black Forest Labs make?

It doesn't publish revenue. [Sacra](https://sacra.com/c/black-forest-labs/) estimates $96M in annualized revenue as of August 2025.

### How does Black Forest Labs make money?

It charges pay-as-you-go fees for its API and sells enterprise licenses to run FLUX models on a customer's own servers.

### Where is Black Forest Labs headquartered?

Freiburg, Germany, and San Francisco.

### Who are Black Forest Labs' competitors?

In video, it compared Flux 3 with Luma's Ray 3.2, Runway's Gen-4.5 and xAI's Grok Imagine Video at its July 2026 launch.

## People on Real Alpha

- [Robin Rombach](https://realalpha.app/builders/robin-rombach/), Co-founder & CEO, Black Forest Labs

## How this page is sourced

Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it.